Shares in India's largest software services outsourcer Tata Consultancy Services (TCS) were the top losers on the 50-stock Nifty index.
The counter came under selling pressure after the California federal court allowed a class-action lawsuit against the company for allegedly breaching employee contracts. TCS has also been accused of violating California labour laws.
A class action status typically means that the result of a lawsuit by one or more plaintiffs would be binding for a larger group of people.At 11.45 am, shares of the company traded 1.2% lower on the National Stock Exchange, while the Nifty index was up 0.9% at 5,256.
The stock was also the worst performer on the Bombay Stock Exchange IT index that comprises 10 information technology stocks. the company said, “We have received the order of the US District Court. This is an order only on one procedural matter and does not address the merits of this case. TCS continues to believe that when this matter concludes, the court will find that the plaintiff's claims are without any merit."
The counter came under selling pressure after the California federal court allowed a class-action lawsuit against the company for allegedly breaching employee contracts. TCS has also been accused of violating California labour laws.
A class action status typically means that the result of a lawsuit by one or more plaintiffs would be binding for a larger group of people.At 11.45 am, shares of the company traded 1.2% lower on the National Stock Exchange, while the Nifty index was up 0.9% at 5,256.
The stock was also the worst performer on the Bombay Stock Exchange IT index that comprises 10 information technology stocks. the company said, “We have received the order of the US District Court. This is an order only on one procedural matter and does not address the merits of this case. TCS continues to believe that when this matter concludes, the court will find that the plaintiff's claims are without any merit."
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